North American Military Drone Market's Dominant Export Of Military UAVs Worldwide Is Booming

 FinancialNewsMedia.com News Commentary

PALM BEACH, Fla., March 30, 2023 /PRNewswire/ -- The Military UAV Drone market just keeps expanding with seemingly no end in sight! The growing use of Unmanned Aerial Vehicles (UAVs) in the defense and security industry for several applications such as surveying, mapping, transportation, combat operations, and monitoring will fuel the demand for military UAVs in the coming years. The rise in defense expenditure of various countries to procure modernized & technologically advanced military drones/UAVs for intensified combat capability is expected to support market growth across the globe. The adoption of Artificial Intelligence (AI) is modernizing military drone technologies by picking targets autonomously with precision. A report from Fortune Business Insights projects that the global military drone market size was valued at USD 10.25 billion in 2021 and is projected to grow from USD 11.73 billion in 2022 to USD 30.86 billion by 2029, exhibiting a CAGR of 14.82% during the forecast period. The report said: "Drone technology has witnessed strong growth in the past years due to continuous research & development and innovation enhancing the capabilities. The numerous drones are incorporated with modern sensors, LiDAR, GNSS, high-tech cameras, and thermal, and infrared imaging systems. The most advanced drones are equipped with multiple sensor systems such as communication intelligence sensors, and air-to-air missiles, and a global system for mobile communication (GSM). Active companies in the markets this week include: EHang Holdings Limited (NASDAQ:EH), Epazz, Inc. (OTCPK:EPAZ), Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS), Mobilicom Limited (NASDAQ:MOB), Raytheon Technologies (NYSE:RTX).